APLD // Applied Digital Corporation

Technology • EDP Services

$16.22 ▼ -1.59 (-8.95%)

MKT CAP: $5.39B • VOL: 23.66M

52W L $17 52W H $51

ALTMAN Z

1.44 RISK

PIOTROSKI

7 / 9

APLD // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

APLD // Applied Digital Corporation

GROSS MARGIN

35.1%

OP MARGIN

-38.7%

ROIC %

-21.7%

MKT CAP

$5.39B

UPSTREAM INPUTS ──► APLD OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
APLD ★	Applied Digital Corporation	$16.22	$5.39B	35.1%	-38.7%	-21.7%	—	+180.0%	SUBJECT ISSUER
AAPL	Apple Inc.	$344.63	$5.03T	48.6%	33.2%	81.4%	29.5x	+14.2%	APLD VS AAPL <GO>
NVDA	NVIDIA Corporation	$202.06	$4.93T	71.1%	65.2%	65.1%	23.2x	+83.4%	APLD VS NVDA <GO>
MSFT	Microsoft Corporation	$521.91	$3.88T	67.7%	47.1%	26.5%	19.9x	+17.9%	APLD VS MSFT <GO>
TSM	Taiwan Semiconductor Manufacturing Company Ltd.	$406.13	$2.11T	—	21.1%	14.9%	14.9x	-3.3%	APLD VS TSM <GO>
SPCX	Space Exploration Technologies Corp.	$134.72	$1.83T	—	21.1%	58.3%	14.3x	+20.9%	APLD VS SPCX <GO>